As the Republican Convention continued Tuesday night, former Sen. Fred Thompson (R-Tenn.) brought out a tired old talking point in his speech, one that Sen. John McCain and his allies have been pushing all year and that corporate interests have been trying to sell for decades. It’s the old “tax hike” scare.

Thompson and McCain are flat-out wrong when they allege Sen. Barack Obama’s proposed economic plan would raise taxes on millions of working families. In reality, his plan would give tax cuts to nearly all working families.

Source: The Washington Post

The Tax Policy Center has done intensive analysis of the two candidates’ tax proposals and their public statements and found that the majority of taxpayers would see more relief from Obama’s plan than McCain’s. The Washington Post has created a chart that explains exactly what each candidate’s tax plans would mean for different income levels, and the analysis points to stark differences.

Obama’s plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy.

There’s even a website, http://ObamaTaxCut.com where you can calculate the estimated tax cut Obama’s plan would give you—and compare it to what you would see under McCain’s plan.

Obama’s plan gives tax cuts to 95 percent of working families. The overwhelming majority of taxpayers would see a bigger tax cut under Obama’s plan than McCain’s. As The Washington Post chart shows, 60 percent of taxpayers would get a tax cut three times as big from Obama as from McCain. That’s real money in the pockets of hardworking families.

2)-If you get your health insurance through your employer John McCain wants to treat your benefit as taxable income according to the Wall Street Journal. That will push many Americans into a higher income bracket meaning you could pay thousands per year more in taxes.

8. K&R-- I modified it and sent it out to people and posted on myspace... here is what i sent:

Edited on Fri Sep-05-08 04:40 PM by IndependentDem

Subject: Taxes: Lies, Distortions and the Facts you wont hear on the news

Body: During the Republican National Convention this week, many speakers brought out a misleading tired old talking point, one that McCain has been pushing all year and that corporate interests have been trying to sell for decades. It’s the old “tax hike” scare.

McCain, Palin and all the others are flat-out LYING TO YOU when they allege Obama’s proposed economic plan would raise taxes on millions of working families. In reality, his plan gives significantly larger tax cuts to working families than McCain.

It's pretty simple, if you make less than about $110,000.00 a year you will pay up to 5% LESS TAXES under Obama’s purposed plan. In contrast, if you make over $250,000.00 a year you will pay less taxes under McCain’s plan and if you make over $2,000,000.00 a year you will pay much much less under McCain’s plan.

The facts: Obama is going to raise taxes on people that make over $600,000.00 a year. He is going to LOWER taxes for the rest of us.

And you are 100% correct - you do indeed have to pay Federal taxes on it

I was trying to make the point, though, that those over age 65 would have to pay NO federal income taxes AT ALL if they made in $50,000 or less. Not that they don't have to pay state/local sales taxes, but that Obama's plan would exempt them from Federal Income taxes regardless of the source of the income.

I just though it was a good selling point for those folks over 65 who might need a little nudge to do something they would never imagine doing - voting for a (whisper) black man (unwhisper) Remember Carville? (yeah, I know, don't start) "It's the Economy Stupid." You can definitely win some votes with pocketbook issues.

I think the charts on page 38 and 39 of the actual report make an even more impressive comparison of the tax plans, calculating the % change of after tax income. IMO the best material to counter any "democrats are tax raisers" argument.

Under Obama I personally would have to pay $400 more in taxes a year than with McCain's plan. But unlike the population in the other 50% half of tax payers I won't even notice the difference - about as much as the lowest incomes will notice McCain's $20 tax rebate.

And talking about helping the economy: Tax reliefes given to guys like me will increase the already healthy amount tucked away in some kind of savings and retirement accounts. The lower 60% income bracket will most probably spend the saved tax money on real things from groceries to cars. Yes, increased real income without costing corporate america a single cent (unless they increase the poor CEO's pay through so-called tax gross-ups).

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